Following a breakout move to fresh highs yesterday, BTC prices are pulling back today with the futures market currently down around 5% from highs. The move lower likely reflects some profit taking ahead of the FOMC tonight. With the expectation that the Fed will cut rates further, but give a less dovish message, USD stands to gain through the end of the week which could fuel some deeper BTC unwinding near-term. However, looking ahead, BTC bull drivers remain clear and the overall macro backdrop still favours a fresh rally into early 2025 though we could see some more volatility near-term. Anticipation around an ... (full story)